Hop-on Streamlines Executives and Relocates Its Corporate Headquarters Monday April 3, 9:00 am ET
IRVINE, CA--(MARKET WIRE)--Apr 3, 2006 -- Hop-on, Inc. (Other OTC:HPNN.PK - News) announced today that it will begin a search for a new Chief Executive Officer. Dan Gannon, Hop-on's CEO since November 2003, tendered his resignation to the Board of Directors at their request.
ADVERTISEMENT In addition, and in an effort to cut overhead, Hop-on has relocated its corporate offices to 17532 Von Karman Ave., Irvine, CA 92614. The relocation and reduction in staff is expected to save the company in excess of $500,000 per year by reducing on-site warehousing and by out-sourcing warehousing with its offshore manufacturers. The Texas R&D division of Hop-on was also minimized for maximum effect. Hop-on will continue to work closely with their overseas manufacturers and utilize outsource engineers from China, Taiwan and India, at a savings of at least $2 million annually. Last year, the company was unprofitable, but during the last 18 months it generated approximately $18 million in sales. Samuel Demissie, President of Hop-on, Inc., commented, "Hop-on is making every effort to streamline its operations in this marketplace without jeopardizing the quality of our product. It is our intent and purpose to make Hop-on profitable while expanding our reach in this highly competitive international market."
About Hop-on, Inc.
Hop-on (Other OTC:HPNN.PK - News) develops and markets wireless phones and accessories as well as wireless surveillance systems. Its product line includes the next generation CDMA2000 handsets designed by its R&D team as well as GSM/GPRS handsets. Hop-on targets its phones to both emerging market carriers and other domestic carriers and resellers needing an entry-level priced phone. In addition, Hop-on offers a line of innovative and attractively priced wireless accessories for both Hop-on phones and other leading manufacturers as well as affordable, wireless surveillance systems. Hop-on is also known for developing the world's first disposable cell phone. It was an IS-95 CDMA phone that was sold to consumers with prepaid airtime and included the capability to add on additional minutes. For more information, visit http://www.Hop-on.com.
This news release includes forward-looking statements regarding, among other things, the Company's business and financial plans, strategies and prospects. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as: believe, expect, anticipate, should, planned, will, may, intend, estimated, and potential, among others. Important factors that could cause actual results to differ materially from the forward-looking statements made in this news release include market conditions and those set forth in any reports or documents that the Company may publicly file from time to time. All forward-looking statements attributable to the company or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
Contact:
CONTACT: Hop-on, Inc. (949) 756-9008
Source: Hop-on, Inc.
Posted by: PDC ™ In reply to: MWM123 who wrote msg# 9057 Date:8/2/2006 1:00:17 PM Post #of 9062
Max authorized is 410 million. wow. nice for a .001?er
Financial Information
No Par Share Count: 0 Capital Amount: $ 410,000.00 Par Share Count: 410,000,000.00 Par Share Value: $ 0.001
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